Lightspeed Golf data depicts another year of growth for the golf industry along with changing preferences from the younger generation of golfers
MONTREAL, Jan. 25, 2023 /CNW Telbec/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants to simplify, scale and create exceptional customer experiences, today released a new State of the Golf Industry Report combining unique golf course sales data with insightful golfer survey data to provide a detailed analysis of trends from the past year.
Following two years of tremendous demand in the golf industry, largely attributed to the COVID-19 pandemic, 2022 was expected to be a year of leveling off for North American golf facilities, as new and less-serious golfers may have retreated to alternative recreational hobbies. However, Lightspeed customer data showed an average same-course increase of 9.6% in rounds played at North American courses over 2021.
Notable golf industry data from 2023 State of the Golf Industry Report:
Regionally, Lightspeed-driven golf courses saw an average, same-course increase of 11.5% (United States) and 7.5% (Canada) in rounds played year over year, with the greatest increases in traditional golfing hotspots like California and Florida
Lightspeed's North American courses experienced an 11.4% increase in total GTV1, spurred by an impressive 28% increase in food & beverage sales compared to 20212
The average transaction size for North American golf courses using Lightspeed increased by 4.2% in 2022
"Golf courses are continuing to see great momentum in North America — a sign that the increase in the sport's popularity over the last few seasons might be here to stay — and leveraging technology like Lightspeed is key to ensuring that course operators can provide a first-class experience for their golfers," said David Hope, GM, Lightspeed Golf.
The report also details new insights derived from a Lightspeed survey of more than 500 North American golfers, providing an in-depth look at current trends related to the game's changing audience. From preferences for booking tee times and purchasing merchandise to the most influential aspects of a golf course experience for building loyalty, the report acts as an important resource for course operators and club professionals who are looking to keep up with the evolving trends in the industry.
1 Key Performance Indicator. See "Key Performance Indicators"
2 The data released today compares the gross transaction volume of North American golf courses using Lightspeed that were fully operational for the period of January 1st until December 31st in both calendar year 2021 and 2022.
Key insights from North American golfers in 2023 State of the Golf Industry Report:
Younger golfers in the 18–34 age cohort are heavily involved with golf influencers, with 83% of those surveyed saying that they feel more knowledgeable about the game and are more likely to visit a golf course after consuming golf content
Of golfers surveyed, 75% cited "proximity to a golf course" as the most important factor in determining where they book their tee time, indicating that golf courses should place a heavy focus on their local audience
Value for money (56%), availability of tee times (51%), and golf course conditioning (51%) were the most influential factors for driving repeat visits to a course, according to golfers
"In powering the operations of some of the world's best courses with our technology, Lightspeed is in a unique position to develop data-driven insights about the golf industry," said Hope. "By leveraging and sharing this information, we are able to provide industry members with a detailed look at the changing dynamics of the game through multiple lenses."
Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
Key Performance Indicators
We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different from similar key performance indicators used by other companies.
Gross Transaction Volume. "Gross Transaction Volume" or "GTV" means the total dollar value of transactions processed through our cloud-based software-as-a-service platform, excluding amounts processed through the NuORDER solution, in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platform. GTV does not represent revenue earned by us. We have excluded amounts processed through the NuORDER solution from our GTV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume.
This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lightspeed-releases-new-industry-report-showing-continued-success-for-north-american-golf-courses-301730442.html
SOURCE Lightspeed Commerce Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/25/c5199.html